Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/AUD reached buy target 1.5430

By: Dmitriy Chernovolov

EUR/AUD reached buy target 1.5430

Next buy target - 1.5690

EUR/AUD recently broke through the resistance level 1.5430, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level continues the active minor impulse wave 3, which belongs to the intermediate impulse wave (3) from April. The active impulse wave 3 started earlier - when the pair reversed up from the support zone surrounding the pivotal support level 1.5200 (former strong resistance level which stopped the previous B-wave).

EUR/AUD is likely to rise further in the active impulse waves 3 and (3) toward the next buy target at the resistance level 1.5690.